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Andhra Bank Home Loan

Andhra Bank home loan is the finest, generic and advantageous Home Loan, creatively designed for customers’ benefits. Andhra Bank home loans come in two styles, viz. Andhra Bank Housing Loan, can be availed for construction/purchase/repairs and renovation of property in any urban, metro, semi-urban and rural location of the country, & Andhra bank NRI-Housing Loan, especially laid out for NRIs willing to purchase/construct/repair or renovate property in India. Get your home loan approved quickly by knowing your Home Loan Eligibility through the perfect tool ‘Andhra Bank Home Loan Eligibility Calculator’.

Andhra Bank Home Loan Interest Rate

SLAB

LTV

Minimum Margin

Rate of Interest (Women)

Rate of Interest (others)

Up to 30 lakhs

90.00%

10.00%

One Year MCLR + 0.05%

One Year MCLR + 0.10%

Above 30 lakhs and upto 75 lakhs

80.00%

20.00%

One Year MCLR + 0.05%

One Year MCLR + 0.10%

Above 75 lakhs

75.00%

25.00%

One Year MCLR + 0.15%

One Year MCLR + 0.20%

Home Loans repairs / Modifications

75.00%

25.00%

One Year MCLR + 1.20%

One Year MCLR + 1.20%

Andhra Bank Home LoanEMI Calculator

Andhra Bank Home Loan EMI Calculator is the perfect way to calculate your monthly EMIs at different rates of interest. This way it helps to streamline your monthly expenses to get the perfect home loam. Home Loan EMI calculator also helps you to calculate how much you have to pay for the interest rates and the total loan amount that you have to pay at the end of the loan tenor.

Andhra Bank offers one of the most affordable home loan in India with customized benefits and exciting features. Andhra Bank Home Loan can be availed for purchase of plot but the plot should be in residential areas within Municipal/Corporation limits in Metro,Urban and Semi Urban areas. The bank provides the best home loan at the feasible rate of interest for all sections of people staying in rural, semi-rural and urban part of India

Home can also be availed for purchase of sites in sale by state owned agencies like Housing Boards etc. Loan can also be availed for repairs and renovation with the loan amount in the rage of 10 lakhs to 15 lakhs depending on the age of the property (the age of the property should be between 5 years to 25 years). Investment in immovable property in India by NRI can also be done in compliance to FEMA guidelines.

Andhra Bank Home Loan Eligibility

Housing loan (General)

At the time of application, the applicant age should be of 21 years and should be of 65 years at the time of loan maturity.

Maximum age on due date of loan must not be above 75 years.

Individuals either single or jointly with family members.

For construction or purchase of house/flat.

Minimum margin 10% for limits up to Rs.20 lacs, 20% for limits over Rs.20.00 lacs to Rs.75.00 lacs and 25% for limits more than Rs.75.00 lacs.

Finance shall also be considered for purchase of sites offered for sale by state owned agencies like Housing Boards etc. in urban and metro areas.

Others eligibility criteria should also be met as per the Bank guidelines.

Housing loan (NRIs)

Minimum service of one year abroad.

NRIs and persons of Indian origin individually or jointly with resident close relatives.

Installment shall be paid by remittance from outside India or out of funds in his NRE, FCNR accounts or out of rental income.

Applicant has to submit copy of Passport, VISA, Work permit, Agreement with present employer.

Issuance of Power of Attorney: The PA should be attested by Indian Consulate/High Commissioner and registered in India within three months, in case of foreign citizens. For indian, the PA must be registered.

All other guidelines be specific PA to execute the documents and to execute Debt Acknowledgement.

For purchase/construction/repairs/renovation of house/flat loan amount can be availed upto Rs.250 lakhs.

Person(s) residing in DUBAI, UAE, Sharjah, either individually or jointly withResident close relative.

Andhra Bank Home Loan Maximum Amount Eligibility

Individuals can avail loan amount above 75 lakhs with a repayment period of maximum 30 years. The loan amount also varies according to the home loan schemes with different loan tenor.

Andhra Bank Home Loan Documents Required

For Salaried individuals, self-individuals and NRIs

Completed loan application form with necessary attestation and photographs.

Identity proof of applicant and co-applicants.

Address proof of applicant and co-applicants.

Passport sized photographs of applicant and co-applicants.

Income proof of applicant and co-applicants. These include: Pay slips /Form 16 /Undertaking letter issued by the employer.

Income certificate /IT Returns.

Financial statements attested by CA (if applicant is a business or self-employed individual).

Postdated cheques for a minimum of 12 months for NRIs. Bank statements pertaining to the last 6 months that are without any serious red flags.

Undertaking from the applicant that he/she has not contracted to another similar home loan from Andhra Bank or any other bank.

Associated documents detailing the property to be purchased, constructed or renovated.

Andhra Bank Home Loan Prepayments

Andhra Bank allows foreclosure of your home loan which you have taken. The Bank does not levy any foreclosure fee on floating rate of interest.

Andhra Bank Home Loan MCLR

The Base Rate of Andhra Bank home loan is 9.55%. The MCLR announced by Andhra Bank as effective from 01.10.2017 are as follows:

Andhra Bank’s Bench mark prime lending rate @ 13.95% p.a with effect from 01.10.2017 Andhra Bank introduced marginal cost of funds based lending rate with effect from 01.04.2016 applicable for all fresh loans sanctioned as well as renewals on or after 01.04.2016